Investment Management


• Tear down decades of investing myths
• Empower yourself to stay on the path to prosperity
• Stop wasting crucial time

Investment Management with Chris Belchamber

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Investment Management Wisdom from ‘Invest Like the Best’

In this book, I will guide you through the wisdom needed to generate and preserve wealth. By the end, you will have seen the path of the most successful investors. The wisdom is hidden in plain sight, but as Henry David Thoreau said, “It’s not what you look at that matters, it’s what you see.” What you don’t see is costing you the wealth you want. The Best Investors have already shown the way.

Whether your investment journey has just begun or you have decades of experience, it is all too easy to fall into believing commonly quoted and overly simplistic assumptions about investing. However, the crucial complexity of markets lies beyond unsubstantiated myths and mantras. The wisdom and experience of the great investment practitioners—our Best Investors—addresses market reality, exposes confused thinking, and reveals a clearer and surprisingly simple structure that can be easily understood and adopted.

“ Gaining both Wisdom and Wealth in life are worthy goals. Wealth often does not lead to wisdom. Wisdom more often leads to wealth. Wisdom is permanent; Wealth is temporal. So which one is your primary aim?”

– Peter Brandt
Invest Like the Best by Chris Belchamber Book Cover

In life and investing, I have found that the best way to evolve starts with finding out who is best at what they do, under stand it, and then incorporate it into your own process.  

Investing is all about numbers, so it isn’t hard to identify the few who qualify to be called “Best Investors.” This group includes Ray Dalio, Seth Klarman, Stan Druckenmiller, Jim Simons, and others whose insights inform my own investment process and this book. The secrets, though, lie beyond just the numbers they have achieved over decades. For deep insight into how they achieved durable success, you also need to look at their journeys, discoveries, and choices—and what they all have in common.

Doing so will focus your investment process and remove the mystery from the big investing questions that come up all the time, which this book will address. So, here are some questions I will ask again at the end of the journey to Invest Like the Best. At the end of this book, I believe that most investors will consider them in a new light.

The Big Investment Questions:

Risk and Return

1. Does higher risk lead to higher return?

2. Do you need more than just a return to measure whether your investment process is aligned with the Best Investors?

3. What part has risk and luck played in your return, and what part will they likely play in the future?

Measurement

1. What are the best-practice measurements of your investment process and progress? 

Decision-Making

1. How far from optimal is your own investment thinking and decision process? 

2. In investing, do you need to take charge of your own best interest? Can that be made simple?

Other Strategic Elements

1. Do you see rules-based or systematic computer-driven investing as a useful addition? 

2. Is passive investing aligned with the Best Investors? 

Empowering Investing

The goal of this book is not to criticize other professionals. Still, you need to know that many financial advisors, famous investors, and so-called experts are not aligned with the Best Investors on the answers to these essential questions. At the end of this journey, though, you will be.  You’ll gain the clear metrics and understanding that sets apart the few Best Investors from everyone else. 

That’s why I wrote this book: to empower you. Whether you choose to manage your own assets or work with an investment manager, I want to give you the tools to enable you to stay on the path to prosperity. I particularly want to keep  you out of trouble, so you don’t learn your investment lessons the hard way and waste crucial time. To succeed, you  need more than hope, unsubstantiated beliefs, and insufficient due diligence. You need to know what works and why. 

In my nearly forty years as an analyst, trader, and investor, I have written a book published by Credit Suisse First  Boston, been promoted to Managing Director on the proprietary trading desk of JPMorgan in London, and talked to many institutional as well as retail investors. I have worked  through many common pitfalls, habits, and beliefs that can misdirect or block unwary investors. This book will give you a productive framework to avoid them all. 

Chris Belchamber - Registered Investment Adviser

“Whether you choose to manage your own assets or work with an investment manager, I want to give you the tools to enable you to stay on the path to prosperity.”

– Chris Belchamber
The book is laid out in three parts, each with four chapters, and each chapter ends in a summary. (If you want just a quick take, you can start with that summary.) The chapters themselves are filled with quotes and direct advice from the Best Investors; I’ve also distilled the main takeaways in Part I and Part II as “Best Investors Insights” so that you can easily review them. All twenty-four insights are listed in an appendix at the end of the book. In the chapters, I’ve included charts, visuals, and graphics to better explain my points, as well as additional resources you can look at to deepen your knowledge. 

The intention is to make the journey to “invest like the best” as accessible as possible. 

Roadmap

PART I:

DEVELOP A BEST INVESTORS MINDSET

As the Best Investors show us, durable advantage comes from developing an optimal mindset. 

CHAPTER 1:

BE FULLY AWARE OF
THE INVESTMENT CHALLENGE 

With a quick look at our discretionary biases, this chapter shows us how to be grounded in the importance of responsibility, understand the limitations of focusing solely on returns, embrace uncertainty, and realize  how many cognitive biases can influence your decision-making process. 
CHAPTER 2:

AVOID SELF-SABOTAGE: BUILD AN INVESTMENT MINDSET FRAMEWORK

Here, a Best Investor mindset framework is developed. It starts with the key question of whether our own thinking is consistently rational.  Investors can benefit from understanding the perspective of different economic approaches and the difference between theory and practice.  This leads on to how the hardwiring of the brain reveals a framework to improve decision-making. 
CHAPTER 3:

BENEFIT FROM
SYSTEMATIC INVESTING  

Rational and strategic thinking can be strongly supported and further developed by systematic investing. Specifically, two systems reveal how this can extend and transform your capabilities. 

CHAPTER 4:

AVOID MISDIRECTION: WHAT CAN HAPPEN IF YOU JUST CHASE RETURNS

The final stage in creating an optimal mindset is learning who and  what to trust. Through lessons from the collapse of one of the world’s  biggest hedge funds, LTCM, several filters emerge and reveal what  needs to be done to protect your capital. 

PART II:

RISK AND RETURN, DYNAMIC COMPOUNDING, AND ASSESSMENT

With the optimal mindset now established from Part I, Best Investor practices are explained and revealed. Best Investors are crystal clear about investment principles and metrics. This leads to a further transformation in investment perspectives and strategic thinking and  assessment.

CHAPTER 5:

BEST INVESTORS ARE CRYSTAL CLEAR ABOUT PRIORITIES AND METRICS

This chapter will explore how Best Investor metrics flow directly from basic concepts of expected return and breaking down return into its more important components. In general, this differs from the approach of most financial advisors. 
CHAPTER 6:

MASTER THE ESSENTIAL MATH OF INVESTING: DYNAMIC COMPOUND INTEREST

A clear understanding of the dynamics of compound interest is essential and reinforces the Best Investor imperative of how capital preservation and compounding work together in producing high long-term returns. 
CHAPTER 7:

EMPOWER YOURSELF
THROUGH MEASUREMENT

Now, it becomes clearer how to look at allocation and investment choices: through Best Investor metrics. How your performance is reported is vital to your understanding of whether you are on track. All you need is a simple chart. This immediately shows you where you stand and what track you are on. 

CHAPTER 8:

KNOW THE INVESTMENT MYTHS AND HERESIES WITH BEST INVESTOR ANALYSIS

With the Best Investor metrics in place, common strategies can be reexamined through a new lens. With our newfound knowledge, standard strategies begin to look like myths, while heresies start to make more sense. 

PART III:

INVEST LIKE THE BEST

The hard work of the first two parts is rewarded as the metrics are put into practice in investment decisions. This final part explores and  develops the low-risk road to high returns.

CHAPTER 9:

MONEY MANAGEMENT
MATTERS

This chapter shows how just taking publicly available billionaire positions and applying Best Investor principles in money management can help lead to remarkable transformations in results. 
CHAPTER 10:

INVESTMENT
ALLOCATION

Building on this theme, we’ll explore other low-risk methodologies and optimal allocation choices that improve results. 
CHAPTER 11:

ACTIVE
INVESTMENT MANAGEMENT

This chapter will examine the necessity of active management and how it works with cycle systems. 
CHAPTER 12:

DECISIVE COMPREHENSIVE PROCEDURE FOR CONSISTENT PERFORMANCE

We’ll show how multiple models and research insights operating together can deliver procedural and repeatable Best Investor results. 

Roadmap

PART I:

DEVELOP A BEST INVESTORS MINDSET

As the Best Investors show us, durable advantage comes from developing an optimal mindset. 

CHAPTER 1:

BE FULLY AWARE OF
THE INVESTMENT CHALLENGE 

With a quick look at our discretionary biases, this chapter shows us how to be grounded in the importance of responsibility, understand the limitations of focusing solely on returns, embrace uncertainty, and realize  how many cognitive biases can influence your decision-making process. 
CHAPTER 2:

AVOID SELF-SABOTAGE: BUILD AN INVESTMENT MINDSET FRAMEWORK

Here, a Best Investor mindset framework is developed. It starts with the key question of whether our own thinking is consistently rational.  Investors can benefit from understanding the perspective of different economic approaches and the difference between theory and practice.  This leads on to how the hardwiring of the brain reveals a framework to improve decision-making. 
CHAPTER 3:

BENEFIT FROM
SYSTEMATIC INVESTING  

Rational and strategic thinking can be strongly supported and further developed by systematic investing. Specifically, two systems reveal how this can extend and transform your capabilities. 

CHAPTER 4:

AVOID MISDIRECTION: WHAT CAN HAPPEN IF YOU JUST CHASE RETURNS

The final stage in creating an optimal mindset is learning who and  what to trust. Through lessons from the collapse of one of the world’s  biggest hedge funds, LTCM, several filters emerge and reveal what  needs to be done to protect your capital. 

PART II:

RISK AND RETURN, DYNAMIC COMPOUNDING, AND ASSESSMENT

With the optimal mindset now established from Part I, Best Investor practices are explained and revealed. Best Investors are crystal clear about investment principles and metrics. This leads to a further transformation in investment perspectives and strategic thinking and  assessment.

CHAPTER 5:

BEST INVESTORS ARE CRYSTAL CLEAR ABOUT PRIORITIES AND METRICS

This chapter will explore how Best Investor metrics flow directly from basic concepts of expected return and breaking down return into its more important components. In general, this differs from the approach of most financial advisors. 
CHAPTER 6:

MASTER THE ESSENTIAL MATH OF INVESTING: DYNAMIC COMPOUND INTEREST

A clear understanding of the dynamics of compound interest is essential and reinforces the Best Investor imperative of how capital preservation and compounding work together in producing high long-term returns. 
CHAPTER 7:

EMPOWER YOURSELF
THROUGH MEASUREMENT

Now, it becomes clearer how to look at allocation and investment choices: through Best Investor metrics. How your performance is reported is vital to your understanding of whether you are on track. All you need is a simple chart. This immediately shows you where you stand and what track you are on. 

CHAPTER 8:

KNOW THE INVESTMENT MYTHS AND HERESIES WITH BEST INVESTOR ANALYSIS

With the Best Investor metrics in place, common strategies can be reexamined through a new lens. With our newfound knowledge, standard strategies begin to look like myths, while heresies start to make more sense. 

PART III:

INVEST LIKE THE BEST

The hard work of the first two parts is rewarded as the metrics are put into practice in investment decisions. This final part explores and  develops the low-risk road to high returns.

CHAPTER 9:

MONEY MANAGEMENT
MATTERS

This chapter shows how just taking publicly available billionaire positions and applying Best Investor principles in money management can help lead to remarkable transformations in results. 
CHAPTER 10:

INVESTMENT
ALLOCATION

Building on this theme, we’ll explore other low-risk methodologies and optimal allocation choices that improve results. 
CHAPTER 11:

ACTIVE
INVESTMENT MANAGEMENT

This chapter will examine the necessity of active management and how it works with cycle systems. 
CHAPTER 12:

DECISIVE COMPREHENSIVE PROCEDURE FOR CONSISTENT PERFORMANCE

We’ll show how multiple models and research insights operating together can deliver procedural and repeatable Best Investor results. 

Get Your Risk and Return Outlook

Looking at just short term returns tells you very little. Once you understand the performance grid, you can make a better assessment. Schedule a FREE consultation with Chris Belchamber to find out where your asset management falls on the risk-return grid and how you can move towards Best Investing standards.

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